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8/01/19
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A 33-unit apartment complex in Indio was purchased for $3.38 mil ($102k/unit) all-cash by a private investor. The buyer is an experienced multifamily investor who owns other buildings in Indio and several thousand units throughout the U.S.
The gated property totals 28.9k sf and is located at 45601 Monroe St. It features a mix of two studios, one one-bedroom and 30 two-bedroom units as well as a swimming pool.
Cray Carlson and Kevin Sin of CBRE represented both parties in the deal. The seller exchanged into two single tenant triple-net-lease properties with little to no management.
“Indio is the third-fastest growing city in Southern California; and the Low Desert continues to be a great alternative for LA, OC & San Diego buyers, based on the upside in rents and stellar location,” said Carlson. “The seller was tired of property management and traded into a triple net property, which made it a great outcome for both parties.”
The Inland Empire multifamily market remained healthy in the first quarter, with a favorable vacancy rate and very strong rent growth, according to CBRE research. Construction activity continued to rise with completions totaling 1,555 units for the year ending in Q1 2019 -- up by more than triple from the preceding four quarters. Nevertheless, demand in the Inland Empire exceeded new supply with 1,445 units absorbed over the same time period.
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